Russia’s war of aggression against Ukraine continues to negatively affect the EU economy, setting it on a path of lower growth and higher inflation compared to the Spring Forecast. The Summer 2022 (interim) Economic Forecast projects that the EU economy will grow by 2.7% in 2022 and 1.5% in 2023. Growth in the euro area is expected […]
Read More
EU budget for 2023: Council agrees its position
Ambassadors of member states to the EU agreed the Council’s position on the 2023 EU draft budget. In total, the Council’s position for next year’s budget amounts to € 183.95 billion in commitments and € 165.74 billion in payments. Compared to the budget agreed by the Council and the European Parliament for 2022, this is […]
Read More
Council adopts conclusions on the 2022 macroeconomic imbalance procedure – Ecofin July 12, 2022
Following the Economic and Financial Affairs Council meeting on July 12, the Council adopted conclusions on the 2022 in-depth reviews under the macroeconomic imbalances procedure. The Economic and Financial Affairs Council: Recalls that the EU economy is recovering from the COVID-19 crisis, while uncertainties remain high and rising, in particular due to the surging energy […]
Read More
Council adopts Conclusions on EU Budget Sustainability – 12 July 2022
Following the Economic and Financial Affairs Council meeting on July 12, the Council adopted Conclusions on the Commission’s 2021 fiscal sustainability report. The Council (Ecofin): Welcomes the Commission’s “Fiscal Sustainability Report 2021”, which updates the assessment of fiscal sustainability risks across the European Union, based on an enriched multidimensional approach and drawing from the 2021 […]
Read More
MEPs want better protection for consumers applying for loans online
The new EU rules aim at protecting consumers online from credit card debt, overdrafts and loans that are unsuitable for their financial situation. In a text adopted by the Internal Market and Consumer Protection Committee, with 42 votes in favour, 1 against and 1 abstentions, MEPs say that legislation should cover credit agreements of up […]
Read More
Eurozone finance ministers agree on fiscal policy guidelines
Macro-economic developments The Eurogroup discussed macro-economic developments and policy challenges in the euro area in the current global context, with input from the International Monetary Fund, which presented the outcome of its interim visit, carried out in the context of its Article IV consultation of the euro area. The IMF Article IV review of the euro area is a regular […]
Read More
ECB takes further steps to incorporate climate change into its monetary policy operations
The Governing Council of the European Central Bank (ECB) has decided to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework. It decided to adjust corporate bond holdings in the Eurosystem’s monetary policy portfolios and its collateral framework, to introduce climate-related disclosure requirements and to enhance its risk management practices. […]
Read More
Agreement reached on European crypto-assets regulation (MiCA)
The EU brings crypto-assets, crypto-assets issuers and crypto-asset service providers under a regulatory framework for the first time. The Council presidency and the European Parliament reached a provisional agreement on the markets in crypto-assets (MiCA) proposal which covers issuers of unbacked crypto-assets, and so-called “stablecoins”, as well as the trading venues and the wallets where crypto-assets are […]
Read More
Commission endorses Spain’s second payment request
The European Commission has today endorsed a positive preliminary assessment of Spain’s second payment request for €12 billion in grants under the Recovery and Resilience Facility (RRF), the key instrument at the heart of NextGenerationEU. On 30 April 2022, Spain submitted to the Commission a payment request based on the achievement of the 40 milestones and […]
Read More